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After the meeting of FTX Digital’s Joint Official Liquidators in the Bahamas, it came to the news that the FTX bankruptcy estate had prepared a roadmap to start repaying its customers by the end of this year.
The unprecedented collapse of FTX has raised questions about the management behind the exchange and its motive. Over a billion dollars outflows the market in a few hours, resulting in estimated losses of $100 Billion.
Sam Bankman and Gary Wang collectively founded FTX in 2019; before the launch of the centralized cryptocurrency exchange, both of the cofounders worked with reputed finance giants.
FTX’s bankruptcy hearing is conducted in different courts; the Chapter 11 bankruptcy is being adjusted in Delaware court in the United States. However, the liquidation of FTX Digital is being held at FTX’s subsidiary headquartered in the Bahamas.
Lightspeed Ventures, Sequoia Capital, Circle, Third Point Ventures, SoftBank, Alan Howard, Coinbase Ventures, and Paul Tudor Jones II were FTX’s significant investors.
FTT Token Price Overview
The all-time FTT token is $85.02, recorded on September 09, 2021. The token was termed the native token of FTX, and in the early days, it became popular due to the promotion by Sam and Gary at Verge.
November 2022 was the worst month for FTX, as in this month, the price of FTT continued to fall and fell below $5.00. At the time of writing, it was trading at $1.85, with a decline of 3.71% intraday, and its trading volume fell 19.01%.
According to the data available from CoinMarketCap, 92.98% of addresses hold $0-$100k FTT. Although 6.77% of addresses hold $1- $100k FTT, and 0.25% of addresses have more than $100k FTX tokens.
Of the overall holders, 91.18% are whales, and 8.82% are small wallets or addresses holding less FTT. Since the beginning of 2024, a significant boost in whale holding has been seen, which indicates that a considerable amount of funds have been injected into control.
An alert message on CoinMarketCap states, “The FTX bankruptcy proceedings are underway. The FTT token no longer has any use, and may be liquidated by the estate to pay creditors. Please proceed with caution.”
Crypto Market Price Overview
In the past few weeks, the cryptocurrency market capitalization grew significantly; however, in the past 24 hours, it lost $81.514 Billion. When writing, the market capitalization is $2.538 Trillion, and it registered 52.18% growth in the past 90 days.
Conflux (CFX), Celestia (TIA), Pepe (PEPE), Bonk (BONK), and ORDI (ORDI) fell barehanded, which makes them the leader of the intraday losers list. Core (CORE) led the gainer’s list by adding 62.97% to its price.
Bitcoin (BTC), the market lost $1853.49 in the past 24 hours when writing was trading at $69460.86. The fear and greed index of CoinMarketCap reflects immense greed in the market.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
